Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 January 2011 and unaudited.

Performance at month end with net income reinvested
                                 One    Three      One    Three   Since Launch
                               Month   Months     Year    Years    (20 Sep 04)
Net asset value* (Undiluted)    0.3%     6.8%    25.9%    32.0%         134.7%
Net asset value* (Diluted)      0.3%     5.8%    23.2%    29.2%         129.7%
Share price                     1.9%     5.3%    26.1%    30.3%         123.3%
FTSE World Europe ex UK         2.8%     4.4%    15.3%    -0.8%          89.7%
Sources: BlackRock and DataStream

* Net asset value and share price performance includes the subscription share
reinvestment, assuming the subscription share entitlement per share was sold
and the proceeds reinvested on the first day of trading.

At month end                                       
Net asset value (capital only):          209.86p     
Net asset value (including income):      210.43p**   
** Includes net revenue of 0.57p                   
Net asset value (capital only)***:       205.46p     
Net asset value (including income)***:   205.94p     
Share price:                             199.50p     
Discount to NAV (capital only):             4.9%     
Discount to NAV (including income):         5.2%     
Discount to NAV (capital only)***:          2.9%     
Discount to NAV (including income)***:      3.1%     
Subscription share price:                 30.75p     
Gearing (including income):                 3.8%     
Net yield:                                  1.7%     
Total assets (including income):         £212.0m     
Ordinary shares in issue:             96,972,875#    
Subscription shares in issue:         18,977,902     
                                                   
*** Diluted for subscription shares.               
# Excluding 2,898,166 shares held in treasury.     

Benchmark                                                                      
Sector Analysis       Total Assets   Index (%) Country Analysis   Total Assets
                               (%)                                         (%)
                                                                               
Industrials                  23.5        13.7  France                    28.0 
Financials                   19.1        23.6  Switzerland               15.9 
Consumer Goods               15.7        15.0  Germany                   10.8 
Basic Materials              11.5         8.2  Finland                    9.0 
Oil & Gas                    10.1        10.0  Denmark                    8.6 
Consumer Services             6.7         4.9  Spain                      5.1 
Health Care                   6.7         8.4  Netherlands                4.8 
Utilities                     3.0         6.7  Russia                     3.6 
Technology                    2.8         3.4  Norway                     3.5 
Telecommunications            2.4         6.1  Sweden                     3.2 
Net current liabilities      (1.5)          -  Ireland                    1.7 
                            -----       -----  Italy                      1.5 
                            100.0       100.0  Czech Republic             1.1 
                            =====       =====  Portugal                   1.0 
                                               Belgium                    0.9 
                                               Other                      2.8 
                                               Net current liabilities   (1.5)
                                                                        ----- 
                                                                        100.0 
                                                                        ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Credit Suisse                      Switzerland                 
Legrand                            France                      
LVMH Moët Hennessy                 France                      
Nokian Renkaat                     Finland                     
Novo Nordisk                       Denmark                     
Schneider Electric                 France                      
Swatch                             Switzerland                 
Syngenta                           Switzerland                 
Technip                            France                      
Vopak                              Netherlands                 


Commenting on the markets, Vincent Devlin, representing the Investment Manager
noted:

Fund Performance & Attribution
During the month the Company returned 0.3%, performing less well than the
reference index, the FTSE World Europe ex UK Index (net), which gained 2.8%.

The European equity markets saw a significant sector rotation during January in
a reversal of the prevailing trends seen in 2010. In particular, investors
moved significant amounts of capital out of sectors that had performed well
last year, such as industrials and consumer discretionary, and into sectors
that were less well-owned, such as financials and utilities. The market shift
was caused by improving sentiment surrounding the periphery and increased
concerns over emerging market tightening. This resulted in the reversal of the
outperformance of growth vs value and of mid/small caps vs large caps, both of
which were notable trends last year. This rotation was the most severe seen in
a decade, with more than two-thirds of sectors either positively or negatively
reversing their performance of 2010.

The Company's lower relative return in January was caused by a combination of
sector allocation and stock selection. Higher weightings in the industrials and
basic materials sectors hurt returns, as did lower weightings in the financials
and utilities sectors. The extreme nature of the sector reversal during January
was not a reflection of a material change in the strength of the businesses
within each sector but was caused by a mass movement into less well-owned
sectors which had performed less well in 2010.

At a stock level, positions in Swiss watch maker Swatch, French low-voltage
electrical component company Legrand and Finnish winter tyre manufacturer
Nokian Renkaat, all detracted from returns in the month. These positions remain
in the portfolio and we see January's set-back as a further opportunity to buy
these companies at lower valuations. During the month, we added positions in
the financials sector, especially in insurance and banks with exposure to
peripheral Europe, in order to carefully manage portfolio risk during the
market rotation. This was funded through reductions in the health care and
consumer services sectors. We also took the opportunity to add two new
positions in the luxury goods industry at attractive valuations.

The Company ended the month with higher weightings in the industrials, basic
materials and oil & gas sectors and lower weightings in the telecoms,
utilities, financials and health care sectors. We actively changed the
portfolio's level of gearing throughout the month to ensure the level of risk
in the portfolio was appropriate. At the beginning of January, the Company was
geared by 4%; we reduced this position to around 1% net cash in the middle of
the month. At the end of the month, the Company was once again geared by 4%.

Outlook
Following January's significant rotation, we remain positive on the outlook for
European equities in 2011. Whilst the peripheral debt concerns within the
region have not yet subsided, we believe that much of the potential downside
associated with a peripheral default is reflected in valuations and, as we have
previously mentioned, it is important to recognise that peripheral Europe is a
small part of the European economy and a smaller part of the Europe ex UK stock
market. Indeed, in contrast with the periphery, we believe that the predominant
core and Northern European region is one of the healthiest parts of the
developed world, as reflected by both rising consumer confidence and strong
momentum in the industrial cycle. The region offers a broad selection of
well-managed companies that are able to access the strongest areas of global
growth through high quality product offerings, and we believe that European
equities have the ability to deliver mid-teens earnings growth in 2011.

18 February 2011

ENDS

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.